Is Musicoin the future of the Music Industry

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Though a few countries have banned trading cryptocurrencies, it has not widely affected the crypto market. Hence there are more and newer cryptocurrencies are launched every now and then. Every crypto coin has a revolutionising cause it works towards building its network stronger. Xaurum is the first cryptocurrency in the globe with audited gold reserve andXaurum price today is USD 0.0446. ICON’s network token ICX price has been on the rise recently and stands at USD 1.41. Xaurum and ICON are some of the crypto platforms that have worked their way up to reach this level.

Analysing the prospects of Musicoin to the music industry

While there is numerous music streaming sites on the internet, there is a music streaming platform on a blockchain called Musicoin.Musicoin was launched in February 2017, and it supports all aspects of music including creation, distribution and consumption in a shared economy. Musicoin is a peer-to-peer network on an open-source blockchain just like Bitcoin. Musicoin eliminates any third party interference and assures that the musicians are rewarded for the number of times their music is streamed. Musicoin has recently collaborated with Volereo to introduce blockchain enabled Bluetooth smart speakers. The blockchain analysts predict that Volereo may give a tough fight for Amazon’s Alexa(virtual assistant). Volero which is powered by Musicoin brings together blockchain and music streaming.

Here music lovers will have access to unlimited free streaming of songs without getting interrupted by ads. Universal Basic Income (UBI) is the theme that fuels musicians and listeners in Musicoin. Isaac Mao is the man behind the revolutionary Musicoin. Musicoin creates a platform that is universal to the music industry and the business associated with music. Musicoin is fueled by its native token MUSIC. A process called mining issues MUSIC coins. Mining has been proved successful in blockchains like Bitcoin, Ethereum and Dash to name a few. Mining is a process where a number of computing systems work on a hashing algorithm to find a coin that cannot be counterfeited. Though the Musicoin price today is USD 0.0070, it certainly can increase when more musicians try to explore this platform. As the current scenario for Musicoin is not so favourableand the Music coin is ranked at 556th place business analysts are not recommending crypto enthusiasts to invest upon them. Having said that Musicoin definitely has the potential to grow and support the music industry globally.

Conclusion

Musicoin can create a whole new world for the music industry as it is advertisement free and promises to pay musicians even more than online streaming sites. Thus equal opportunity to grow for every musician is given in Musicoin. Crypto analysts do think Musicoincan be the future of the music industry. Let us wait and watch the push of Musicoin to the music industry at large. If Musicoin is successful in its mission then it will be a lifesaver for young musicians all over the world.

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